aA
The Bank of Lithuania will provide assistance to the Swedish and Estonian financial supervisory authorities in the investigation of recent information regarding alleged money laundering transactions linked with the Swedbank group.
Swedbank
Swedbank
© DELFI / Andrius Ufartas

"The Bank of Lithuania has a zero-tolerance approach to money laundering and is committed to upholding the highest standards in the fight against such illicit activities. We are ready to help our colleagues to ascertain whether the facts that have surfaced in the media are true. The nature of our cooperation will depend on the level of assistance needed – we will investigate facts, share information and, if necessary, take collective supervisory actions. In turn, we will thoroughly examine the situation in Lithuania's Swedbank to make sure that no suspicious transactions were ever conducted at the bank," said Vytautas Valvonis, Director of the Supervision Service of the Bank of Lithuania, the Bank of Lithuania writes in a press release.

In terms of Lithuania's banking sector, the share of foreign (non-resident) clients that may potentially pose money laundering risk is one of the lowest in the European Union: non-resident deposits in Lithuania account for 2.5% of total deposits, loans to non‑residents – 1.8% of total loans. Although factual data shows that the risk of money laundering and terrorist financing in Lithuania is not high, the Bank of Lithuania devotes considerable attention to this issue and has zero tolerance for such violations.

Last year, fines for money laundering-related infringements imposed on one market participant and its manager amounted to €1.2 million. In view of intensifying international financial relations and technological innovations, the Bank of Lithuania has been enhancing its supervision capacities: it has recently established the Anti-Money Laundering and Counter Terrorist Financing Division and the Electronic Money and Payment Institution Supervision Division as well as improved ML/TF risk management.

The Bank of Lithuania will continue investing in modern IT tools in order to analyse available data on money laundering risks faced by financial institutions more effectively and, if necessary, take timely measures to prevent criminal activity. Seeking to manage money laundering risks, the Bank of Lithuania takes all measures within its competence: performs financial institution inspections, reviews procedures and documents, provides consultations to potential and existing market participants.

Legal acts regulating the prevention of money laundering and terrorist financing impose strict requirements on financial institutions when providing financial services to their clients. They have to acquire sufficient information on their clients, verify the identity of the client and beneficiary, continuously monitor the clients' business relationships and operations that they perform, carry out internal investigations, and, having identified suspicious operations, report them to law enforcement authorities.

Some 200 new points of sale of illegal tobacco emerged (1)

204 new points of sale of illegal tobacco emerged in Lithuania, with their number going up by a...

Tourism: Lithuania had biggest growth of nights spent in EU

In 2019, the number of nights spent in tourist accommodation in the European Union (EU) is expected...

No contamination found in Curonian Lagoon fish

Tests have found no contamination in fish from the Curonian Lagoon despite the release of untreated...

Debates started to get a grip on environmental polluters

The of Lithuanian Seimas during its extraordinary session on Thursday started deliberating a package...

Lithuanian scientists create new breakthrough technology

Panevėžys Mechatronics Center (PMC) announced about the creation of a new breakthrough technology...

Top news

Skvernelis urges to refrain from attempts to reinterpret WWII consequences (1)

Lithuanian Prime Minister Saulius Skvernelis has urged to refrain from attempts to reinterpret the...

Some 200 new points of sale of illegal tobacco emerged (1)

204 new points of sale of illegal tobacco emerged in Lithuania, with their number going up by a...

Savickas nominated for economy minister

Lithuanian Prime Minister Saulius Skvernelis on Friday submitted the candidature of his adviser Lukas...

No contamination found in Curonian Lagoon fish

Tests have found no contamination in fish from the Curonian Lagoon despite the release of untreated...

Cyber rapid response teams developed by Lithuania began their work

First multinational rotation of the cyber rapid response teams developed by Lithuania began as of...